AUDUSD – Shallow correction suggests further upside
Despite falling below 7% target level, Chinese Q3 GDP grew 6.9% YoY, as compared to 6.8% expected. AUDUSD was well supported above 0.725 levels. The RBA meeting minutes this morning noted that the declines in AUD are supportive of the economic re-balancing. The Aussie dollar edged higher on the rather optimistic tone from the central bank.
Bids ahead of .7230 continue to support the, while this level holds on an intraday basis expect a retest of offers above .7300. A close back above .7300 targets a .7400 resistance next. Failure at .7200 targets .7160 symmetry objective.
- Looking to position long on intraday tests of .7200, venture long with intraday reversal patterns towards .7200 support leaning against .7100, targeting a test of pivotal .7500 trend resistance
- This trade is supported by bullish daily Order Flow, monitoring retail trade sentiment looking for increasing bearish positioning on a retest of .7200 bids